Challenge

Our client was looking to reduce costs ahead of a potential transaction. Work commenced with a diagnostic scan of Wealth Operations, which included analysis of workforce productivity practices. The diagnostic found that whilst relatively mature workforce management practices were in place, there were nevertheless opportunities to further strengthen, simplify and improve productivity and customer service outcomes.

Approach

A proof-of-concept was completed across ten weeks, based on existing technology and systems; working alongside Operations Leadership to uplift workforce productivity for in-scope teams and developing a plan to scale and industrialise.

Target outcomes were as follows:

• Development of an enhanced workforce productivity measurement framework to support the POC to achieve the targeted (10-20%) improvement in productivity
• Agile ‘test and learn’ changes to in-scope teams’ operating rhythm and workforce productivity management to target the root causes of issues identified and drive performance uplift
• Develop a ‘Plan to Scale and Industrialise’, including a roadmap and cost / benefit estimates

Our productivity methodology was used as the basis for refining the bank’s existing matric frameworks, developing a revised suite of operational dashboards and for the new ways of working / operating rhythm. The team leveraged the bank’s existing manual data capture system in combination with other data sources.

In completing the work, the team also identified additional opportunities to improve quality reporting and workforce planning practices.

Following a successful pilot, we were engaged to complete the rollout to the balance of operational teams and the implement the additional recommendations (e.g. quality) and to design the bank’s future state operating model.

Impact